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Notices of Amendments: 18 May 2012                     

88

 

Financial Services Bill, continued

 
 

(b)    

for the purposes of subsection (1)(c) and (d), is the appropriate regulator

 

as defined in section 178(2A).

 

(4B)    

“Section 178 notice” means a notice given under section 178.”’.

 

Mr Chancellor of the Exchequer

 

17

 

Page  288,  line  24  [Schedule  18],  leave out sub-paragraphs (2) to (5) and insert—

 

    ‘(2)  

In subsection (1)—

 

(a)    

for “the Authority”, in the first place, substitute “a regulator”,

 

(b)    

in paragraph (a), for “subesctions (7) to (9) of section 52 do” substitute

 

“section 55X does”, and

 

(c)    

in paragraph (b), for “Authority” substitute “regulator”.

 

      (3)  

In subsection (2)—

 

(a)    

for “the Authority”, in the first place, substitute “a regulator”,

 

(b)    

in paragraph (a), for “section 52(1) and (2)” substitute “subsections (1)

 

to (3) of section 55V”, and

 

(c)    

in paragraph (b), for “Authority” substitute “regulator”.

 

      (4)  

In subsection (3)—

 

(a)    

for “the Authority”, in the first place, substitute “a regulator”, and

 

(b)    

in paragraph (b), for “Authority” substitute “regulator”.’.

 


 

Mr Chancellor of the Exchequer

 

18

 

Page  315,  line  22  [Schedule  21],  after ‘this’ insert ‘Part of this’.

 


 

Mr Chancellor of the Exchequer

 

19

 

Page  316,  line  11  [Schedule  21],  leave out ‘the scheme’ and insert ‘a scheme under

 

this paragraph’.

 

Mr Chancellor of the Exchequer

 

20

 

Page  316,  line  18  [Schedule  21],  after first ‘this’ insert ‘Part of this’.

 


 

Mr Chancellor of the Exchequer

 

21

 

Page  317,  line  2  [Schedule  21],  at end insert—

 

‘Part 2

 

Property, rights and liabilities of Office of Fair Trading


 
 

Notices of Amendments: 18 May 2012                     

89

 

Financial Services Bill, continued

 
 

Interpretation

 

6          

In this Part of this Schedule “the OFT” means the Office of Fair Trading.

 

Transfer schemes

 

7    (1)  

This paragraph applies if after the passing of this Act the Treasury make an

 

order under section 22 of FSMA 2000 which has the effect that an activity—

 

(a)    

ceases to be an activity in respect of which a licence under section 21

 

of Consumer Credit Act 1974 is required or would be required but for

 

the exemption conferred by subsection (2), (3) or (4) of that section or

 

paragraph 15(3) of Schedule 3 to FSMA 2000, and

 

(b)    

becomes a regulated activity for the purposes of FSMA 2000.

 

      (2)  

The OFT must make one or more schemes under this paragraph for the transfer

 

of property, rights and liabilities of the OFT to the FCA.

 

      (3)  

A scheme under this paragraph made by the OFT is not to be capable of

 

coming into force unless it is approved by the Treasury and the Secretary of

 

State.

 

      (4)  

The OFT may not submit a scheme under this paragraph to the Treasury or the

 

Secretary of State for their approval without the consent of the FCA.

 

      (5)  

Sub-paragraph (6) applies if —

 

(a)    

the OFT fails, before such time as may be notified to it by the Treasury

 

as the latest time for submission of a scheme under this paragraph in

 

connection with an order falling within sub-paragraph (1), to submit

 

such a scheme to the Treasury and the Secretary of State for their

 

approval, or

 

(b)    

the Treasury or the Secretary of State decide not to approve a scheme

 

that has been submitted to them by the OFT (either with or without

 

modifications).

 

      (6)  

Where this sub-paragraph applies, the Treasury may, with the approval of the

 

Secretary of State, make a scheme under this paragraph for the transfer to the

 

FCA of such of the OFT’s property, rights and liabilities as appear to the

 

Treasury appropriate to be transferred to the FCA in consequence of the order

 

falling within sub-paragraph (1).

 

      (7)  

The property, rights and liabilities which are the subject of a scheme under this

 

paragraph are transferred in accordance with the provisions of the scheme on

 

such day as the scheme may specify.

 

      (8)  

The OFT must provide the Treasury or the Secretary of State with all such

 

information and other assistance as either of them may reasonably require for

 

the purposes of, or otherwise in connection with, the exercise of any power

 

conferred on the Treasury or the Secretary of State by this paragraph.

 

      (9)  

In the following provisions of this Part of this Schedule a scheme under this

 

paragraph is referred to as a “transfer scheme”.

 

8          

The property, rights and liabilities that may be the subject of a transfer scheme

 

include—

 

(a)    

any that would not otherwise be capable of being transferred or

 

assigned, and

 

(b)    

rights and liabilities under a contract of employment.

 

9          

A transfer scheme may—

 

(a)    

apportion, or provide for the apportionment of, property, rights and

 

liabilities,

 

(b)    

define the property, rights and liabilities to be transferred by

 

specifying them or by describing them (including describing them by


 
 

Notices of Amendments: 18 May 2012                     

90

 

Financial Services Bill, continued

 
 

reference to functions that are transferred by the order falling within

 

paragraph 7(1));

 

(c)    

contain provision for the payment of compensation by the FCA to the

 

OFT;

 

(d)    

contain provision for the payment of compensation by the OFT or the

 

FCA to any person whose interests are adversely affected by the

 

scheme;

 

(e)    

contain supplemental, incidental, transitional and consequential

 

provision.

 

10         

A transfer scheme which relates to rights and liabilities under a contract of

 

employment must provide for the transfer to which the scheme relates to be

 

treated as if it were a relevant transfer for the purposes of the Transfer of

 

Undertakings (Protection of Employment) Regulations 2006.’.

 

 

Order of the House [6 FEBRUARY, as amended, 21 february]

 

That the following provisions shall apply to the Financial Services Bill—

 

Committal

 

1.    

The Bill shall be committed to a Public Bill Committee.

 

Proceedings in Public Bill Committee

 

2.    

Proceedings in the Public Bill Committee shall (so far as not previously

 

concluded) be brought to a conclusion on Thursday 22 March 2012.

 

3.    

The Public Bill Committee shall have leave to sit twice on the first day on

 

which it meets.

 

Consideration and Third Reading

 

4.    

Proceedings on Consideration shall (so far as not previously concluded) be

 

brought to a conclusion one hour before the moment of interruption on the

 

day on which those proceedings are commenced.

 

5.    

Proceedings on Third Reading shall (so far as not previously concluded) be

 

brought to a conclusion at the moment of interruption on that day.

 

6.    

Standing Order No. 83B (Programming committees) shall not apply to

 

proceedings on Consideration and Third Reading.

 

Other proceedings

 

7.    

Any other proceedings on the Bill (including any proceedings on

 

consideration of Lords amendments or on any further messages from the

 

Lords) may be programmed.

 

 

Order of the Committee [21 February 2012]

 

That—

 

(1)  

the Committee shall (in addition to its first meeting at 10.30 am on Tuesday

 

21 February) meet—

 

(a)  

at 4.00 pm on Tuesday 21 February;

 

(b)  

at 9.30 am and 1.00 pm on Thursday 23 February;

 

(c)  

at 10.30 am and 4.00 pm on Tuesday 28 February;

 

(d)  

at 9.30 am and 1.00 pm on Thursday 1 March;


 
 

Notices of Amendments: 18 May 2012                     

91

 

Financial Services Bill, continued

 
 

(e)  

at 10.30 am and 4.00 pm on Tuesday 6 March;

 

(f)  

at 9.30 am and 1.00 pm on Thursday 8 March;

 

(g)  

at 9.30 am and 1.00 pm on Thursday 15 March;

 

(h)  

at 4.00 pm on Tuesday 20 March;

 

(i)  

at 9.30 am on Thursday 22 March.

 

(2)  

the proceedings shall be taken in the following order: Clauses 1 to 3;

 

Schedule 1; Clause 4; Schedule 2; Clause 5; Schedule 3; Clauses 6 to 10;

 

Schedule 4; Clauses 11 to 13; Schedule 5; Clauses 14 to 20; Schedule 6;

 

Clauses 21 to 27; Schedule 7; Clauses 28 to 32; Schedule 8; Clauses 33 and

 

34; Schedule 9; Clause 35; Schedule 10; Clause 36; Schedule 11; Clauses 37

 

and 38; Schedule 12; Clause 39; Schedule 13; Clauses 40 and 41; Schedule

 

14; Clause 42; Schedule 15; Clause 43; Schedule 16; Clauses 44 to 90;

 

Schedule 17; Clauses 91 to 94; Schedules 18 and 19; Clauses 95 to 99;

 

Schedules 20 and 21; Clauses 100 to 103; new Clauses; new Schedules;

 

remaining proceedings on the Bill.

 

(3)  

the proceedings shall (so far as not previously concluded) be brought to a

 

conclusion at 10.25 am on Thursday 22 March.

 

 

Order of the House [23 April 2012]

 

That the Order of 6 February 2012 (Financial Services Bill (Programme)), as varied by

 

the Order of 21 February 2012 (Financial Services Bill (Programme) (No. 2)) be further

 

varied as follows:

 

1.    

Paragraphs 4 and 5 of the Order shall be omitted.

 

2.    

Proceedings on Consideration and Third Reading shall be completed in two

 

days.

 

3.    

Proceedings on Consideration shall be taken on the days shown in the first

 

column of the following Table and in the order so shown.

 

4.    

Proceedings on Consideration shall (so far as not previously concluded) be

 

brought to a conclusion at the times specified in the second column of the

 

Table.

 

              TABLE

 

Proceedings

Time for conclusion of proceedings

 
 

First day

 
 

New Clauses and New Schedules;

10.00 pm

 
 

amendments to Clauses 1 to 3;

  
 

amendments to Schedule 1;

  
 

amendments to Clause 4;

  
 

amendments to Schedule 2;

  
 

amendments to Clause 5;

  
 

amendments to Schedule 3

  
 

Second day

 
 

Remaining proceedings on

Three hours after commencement

 
 

Consideration

of proceedings on Consideration

 
  

on the second day.

 

 
 

Notices of Amendments: 18 May 2012                     

92

 

Financial Services Bill, continued

 
 

5.    

Proceedings on Third Reading shall (so far as not previously concluded) be

 

brought to a conclusion four hours after the commencement of proceedings

 

on consideration on the second day.

 


 
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